MagneGas (MNGA) Sees Large Volume Increase

Shares of MagneGas Co. (NASDAQ:MNGA) saw unusually-strong trading volume on Friday . Approximately 2,684,315 shares traded hands during trading, an increase of 178% from the previous session’s volume of 967,024 shares.The stock last traded at $0.33 and had previously closed at $0.31.

The company has a debt-to-equity ratio of 0.08, a current ratio of 0.70 and a quick ratio of 0.26.

MagneGas (NASDAQ:MNGA) last released its quarterly earnings results on Wednesday, November 15th. The oil and gas company reported ($0.39) earnings per share for the quarter. MagneGas had a negative return on equity of 277.02% and a negative net margin of 371.23%. The business had revenue of $0.88 million during the quarter. analysts predict that MagneGas Co. will post -0.94 earnings per share for the current year.

In other MagneGas news, Director Carla Santilli sold 108,334 shares of the stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $0.31, for a total value of $33,583.54. Following the transaction, the director now directly owns 375,199 shares in the company, valued at $116,311.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 180,843 shares of company stock worth $60,288 over the last quarter. Insiders own 10.00% of the company’s stock.

A hedge fund recently raised its stake in MagneGas stock. Virtu KCG Holdings LLC grew its holdings in MagneGas Co. (NASDAQ:MNGA) by 709.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110,468 shares of the oil and gas company’s stock after acquiring an additional 96,829 shares during the period. Virtu KCG Holdings LLC owned 1.85% of MagneGas worth $136,000 as of its most recent SEC filing. 3.81% of the stock is owned by hedge funds and other institutional investors.

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About MagneGas

MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions.

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